Second Circuit Affirms Record $5 Billion Recovery in Antitrust Case

On March 15, 2023, the United States Court of Appeals for the Second Circuit affirmed an order from the district court approving the $5 billion settlement in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. The case alleged that Visa, Mastercard, and their member banks violated antitrust laws and charged merchants who accept credit and debit cards supracompetitive fees on card transactions.

“This is the largest antitrust class action settlement in history,” shared partner Alexandra S. Bernay, who served as one of the lead litigators on the case for more than 15 years. “This case was exceptional in other respects as well. The almost two decades of time and resources our clients and our litigation team poured into this case explain why the scope of the relief obtained here is also unprecedented. We’re honored to be a part of securing this historic result,” she added. 

Robbins Geller Rudman & Dowd LLP served as lead counsel in this case together with Robins Kaplan LLP and Berger Montague PC.

“‘We’re pleased that the Second Circuit affirmed the district court’s approval of the settlement,’” partner Samuel H. Rudman told Law360. 

With a class of over 12 million merchants eligible to receive funds, the $5 billion recovery is believed to be the largest antitrust class action settlement of all time. The settlement first received final approval in 2019. The district court will continue the process of distributing settlement funds to class members.

About Robbins Geller

Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex litigation firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 9 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms, and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.

The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. The Firm secured the largest-ever securities fraud class action settlement — $7.2 billion — in In re Enron Corp. Securities Litigation.

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In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, No. 20-339-cv(L) (2d. Cir. Mar. 15, 2023).